When a vendor lists a property and receives an early offer below the listed price, it often puts vendors in a difficult position, it is very tempting to reject the offer, but some analysis of many factors need to be considered before declining.

1. Why are you selling and how urgently do you need a sale?

If you need to sell quickly for financial (or other reasons), the first offer should be considered seriously.

Often the first offer can be the best, and people can hold out for quite a long time and end up selling for around the same, or less than one of the earlier offers, this happens time and time again, so be aware of this.

2. Is the offer congruous with the current market?

Market conditions are changeable and fluctuate in response to economic activity and external influences.

When you first thought about selling, the market may have been more buoyant than the current market.

You need to talk to your agent, and do some research on what similar properties in similar locations have been sold for.

Perhaps the offer is fair in the current climate, perhaps not. The ultimate decision will be yours, just make it an informed one.

3. What conditions are attached to the offer?

Is it a cash sale, is it dependent on the sale of another property, what settlement time would you be looking at?

A straightforward, uncomplicated offer that is not dependent on another chain of events beyond your control, is really worth considering.

4. Do you feel it's a fair price?

Can you live with your decision? Regardless of all the above, you need to be sure that you feel you've sold your property at a price you feel comfortable with, you don't want to feel 'ripped off'.

It would be great to take emotion out of the decision, but real estate is a business about people, not just property.

5. If you are genuinely worried about underselling or achieving market value, perhaps consider an auction. In an auction there is no list price and the sale price is established by 'true' market conditions.

Whatever you decide, take the time to think about it calmly, don't feel pressured into rash decisions that you may regret, nothing is so urgent that you don't have time to think it through.